KUALA LUMPUR, Nov 22 -- Global credit rating agency, AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of ‘bbb+’ (Good) of First Net Insurance Company (First Net) Guam. The outlook of these Credit Ratings (ratings) is stable.
The ratings reflect First Net’s balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management. First Net’s risk-adjusted capitalisation is assessed at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR), and supported by its relatively low net underwriting leverage, and conservative and liquid investment portfolio, both of which partially offset its small absolute capital base. Based on a statement, the company has a relatively high reliance on reinsurance for its business growth and catastrophe protection, albeit credit risk is limited due to a stable and high-quality reinsurer panel. FirstNet’s adequate operating performance is underpinned by positive underwriting results and stable investment returns from its fixed-income portfolio. Its combined ratios mostly outperformed its composite’s average over the past 10 years, but the company’s small net premium base left its underwriting performance more susceptible to potential volatility arising from claims and expenses. First Net reported favourable underwriting performance in 2020 and the first half of 2021 primarily due to reduced auto claims amid the COVID-19 pandemic. AM Best expects auto claims to rebound as traffic levels gradually return to normal over the coming years. First Net is a domestic property and casualty insurer in the small and competitive Guam market, with a market share of approximately four per cent based on 2019 direct written premium (excluding group accident and health). Given its location and geographic concentration, AM Best views the company’s business expansion opportunities as limited and highly dependent on local economic development. Nonetheless, the company has a stable business stream sourced through Moylan's Insurance Underwriters Inc, its affiliated company and a major multi-line insurance agency with a strong distribution network in Guam and nearby jurisdictions. For more information, visit www.ambest.com. -- BERNAMA
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FUZHOU, China, Nov. 23, 2021 /Xinhua-AsiaNet/--
The 7th Maritime Silk Road (Fuzhou) International Tourism Festival kicks off on November 23. The festival is to be hosted by the Ministry of Culture and Tourism of China and the People's Government of Fujian Province and organized by the Fujian Provincial Department of Culture and Tourism and the People's Government of Fuzhou. The festival, which has the theme Maritime Silk Road Cooperation for Thriving Culture and Tourism, will be held both online and offline, highlighting its status as an international event for culture and tourism along the Maritime Silk Road. The festival will present a wide range of core and associated activities, such as the Opening Ceremony and the Culture and Tourism Cooperation Summit, and the Night of the Maritime Silk Road. Representatives from the embassies and consulates of countries along the Maritime Silk Road, from tourism agencies of countries and regions along the Belt and Road, as well as from the Maritime Silk Road Tourism Promotion Alliance will be invited to attend this spectacular event, according to the Publicity Department of the CPC Fuzhou Municipal Committee. This will further provide opportunities for cultural exchange alongside the Maritime Silk Road. With a wide range of activities, the event will last until mid-December. The Maritime Silk Road (Fuzhou) International Tourism Festival is an important project for Fujian Province and Fuzhou City, designed to accelerate the construction of the Core Area of the 21st Century Maritime Silk Road. The festival has been held for six consecutive years, from 2015 to 2020. It has enabled the formation of a new regional tourist cooperation platform for countries along and near the Maritime Silk Road, where they can showcase their achievements and pursue mutual benefits. Source: The Publicity Department of the CPC Fuzhou Municipal Committee Image Attachments Links: Link: http://asianetnews.net/view-attachment?attach-id=408139 Caption: Fushan Country Park, Fuzhou City, Fujian Province, China --BERNAMA HAIKOU, China, Nov. 23, 2021 /Xinhua-AsiaNet/--
Recently, on a list of "Top 100 Cities in China's Tide Economy 2021", co-published by domestic media, think tanks and Internet service organizations, Sanya, which has the reputation of "Hawaii of China", was again on the list with a ranking of 34th among 337 cities in China, according to the Publicity Department of the CPC Sanya Municipal Committee. In China, more and more cities are creating unique "Online Celebrity" labels. The city managers not only show the individuality of the city to the public through internet heat, city vitality, current life, industry development, but also make urban plannings, create city images and stimulate the economic vitality of the city and its surrounding areas. Recently, Sanya, a famous tourist city, located in the south of Hainan, has made great efforts to build a benchmark city of International Tourism Consumption Center by taking the opportunity of China's construction of Hainan Free Trade Port Zone and international tourism consumption center. Besides its best-known for duty-free shopping tours, Sanya, warm and humid throughout the year, has become a popular spot for tourists with interesting sea sports, luxury high-end hotel enclave and many well-known sporting events and music activities. Especially under the influence of COVID-19 pandemic, Chinese tourists, unable to travel abroad, have regarded Sanya as the pre-eminent substitute. Sanya Municipal Administration of Culture and Tourism said that Sanya will continuously innovate tourism management mode in the future, focusing on the development of more than 10 new tourism forms such as cruise tourism, yacht tourism, health tourism, international education tourism, sports tourism, high-end exhibition tourism, to enrich the system of holiday leisure tourism products and attract more global tourists. SOURCE: The Publicity Department of the CPC Sanya Municipal Committee Image Attachments Links: Link: http://asianetnews.net/view-attachment?attach-id=408352 Caption: The Publicity Department of the CPC Sanya Municipal Committee --BERNAMA The WE Empower Challenge, a Programme co-led by Vital Voices & the Global Futures Laboratory at Arizona State University, is a First-of-its-Kind Competition for Women Social Entrepreneurs
NEW YORK, Nov 22 (Bernama-BUSINESS WIRE) -- The Women’s Entrepreneurship Accelerator (WEA), a strategic multi-partnership convening five United Nations agencies and Mary Kay, Inc., in support of last week Global Entrepreneurship Week and Women’s Entrepreneurship Day, announced a partnership with WE Empower UN SDG challenge, a first-of-its-kind competition for women social entrepreneurs across the world. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20211120005125/en/ WEA is designed to maximize the development impact of women entrepreneurship in achieving the UN Sustainable Development Goals (SDGs) by creating an enabling ecosystem for women entrepreneurs that fosters growth, sustainability, and resilience. UN Partners of WEA include International Labour Organization (ILO), International Trade Centre (ITC), UN Global Compact (UNGC), UN Development Programme (UNDP), and UN Women. The WE Empower UN SDG Challenge is a global business competition for women entrepreneurs who are advancing the UN Sustainable Development Goals and inspiring entire communities to act to create the world they want by 2030. The WE Empower UN SDG Challenge honors women entrepreneurs who are advancing the SDGs through their business practices. The opportunity recognizes their innovative work, ignites awareness about the valuable contribution women entrepreneurs can make toward the SDGs, and provides awardees with capacity-building training sessions and connections with business experts around the world. The programme elevates and showcases the valuable contributions women entrepreneurs and business leaders can make toward the SDGs and solving the world’s greatest challenges. WE Empower is co-led by Vital Voices and Julie Ann Wrigley Global Futures Laboratory at ASU and supported by partners at Bank of Montréal (BMO), Diane von Furstenberg, the G5 Collective, GroYourBiz, Hawaii Tropical Botanical Garden, Mary Kay, Inc., Oxford University Said Business School, Procter & Gamble, Salesforce, UN Foundation, and the World Bank. “The WE Empower SDG Challenge powerfully showcases women entrepreneurs as ideal role models demonstrating positive business, social and environmental performance,” said Deborah Gibbins, Chief Operating Officer at Mary Kay, Inc. “The Women’s Entrepreneurship Accelerator is honored to partner with WE Empower, a consortium of over 70 partners joining forces for an even greater multiplied impact.” “We are thrilled to celebrate our partnership with the Women’s Entrepreneurship Accelerator, co-founded by WE Empower lead partner Mary Kay, Inc.,” said WE Empower UN SDG Challenge co-chair & ASU Julie Ann Wrigley Global Futures Laboratory’s Amanda Ellis. “Women entrepreneurs are valuable solutionaries for the UN SDGs and the global 2030 agenda, and WEA unlocks a suite of valuable support tools to help amplify positive impact.” Globally, women already comprise one-third of all business owners, making critical economic and social contributions, despite the systemic barriers they face. Only five percent of countries legislate for full gender equality, making the support tools provided by the Women’s Entrepreneurship Accelerator even more important. In June 2021, WEA joined the Generation Equality Forum in Paris as well as the Action Coalition on Economic Justice and Rights, and committed to empower five million women entrepreneurs around the world by 2030 to accelerate progress for gender equality. During UN General Assembly (UNGA 76), WEA announced the launch of a series of impactful initiatives and knowledge products - all shaped through a gender lens. WEA’s impact work includes digital capacity building tools and training, entrepreneurship and policy research, and gender-responsive procurement (GRP) advocacy and training. In October, WEA also announced a milestone partnership with the Commonwealth Businesswomen’s Network (CBWN) aiming at advancing women entrepreneurship in 54 countries of the Commonwealth. About the Women’s Entrepreneurship Accelerator The Women’s Entrepreneurship Accelerator (WEA) is a multi-partnership initiative on women’s entrepreneurship convening 5 UN agencies, International Labour Organization (ILO), International Trade Centre (ITC), UN Global Compact (UNGC), UN Development Programme (UNDP), UN Women and Mary Kay, Inc. to empower 5 million women entrepreneurs by 2030. The ultimate goal of the initiative is to maximize the development impact of women entrepreneurship in achieving Sustainable Development Goals (SDGs) by creating an enabling ecosystem for women entrepreneurs around the world. The Accelerator exemplifies the transformational power of a multi-partnership of unique magnitude to harness the potential of women entrepreneurs. Learn more at we-accelerate. Follow us: Twitter (@We_Accelerator), Instagram (@we_accelerator), Facebook (@womensentrepreneurshipaccelerator), LinkedIn (@womensentrepreneurshipaccelerator) About WE Empower UN SDG Challenge The WE Empower UN SDG Challenge is the first-of-its-kind global competition for women social entrepreneurs who are advancing the UN Sustainable Development Goals and inspiring entire communities to act to create the world we want by 2030. The WE Empower Challenge honors innovative women leaders from around the world who are pushing the SDGs forward through sustainable business practices and inspiring others to follow suit. The opportunity recognizes their innovative work and provides Awardees with capacity-building training sessions and opportunities to connect with an unparalleled global network to advance their enterprises. This program elevates and showcases the valuable contribution women entrepreneurs and business leaders can make toward the SDGs and solving the world’s greatest challenges. About Vital Voices Global Partnership Vital Voices Global Partnership is an international non-profit organization that identifies and partners with creative and fearless women leaders around the world. Vital Voices searches the world for women leaders with daring vision for change, then works with them to make that vision a reality. We are venture catalysts, who provide leaders with capacity building, skills training, grants, access to a network of their peers, mentorship, visibility, recognition, and guidance to accelerate change on a global scale. For more than 20 years, Vital Voices has invested in over 18,000 women leaders from 182 countries and territories, who have then gone on to create change affecting millions around the world. Vital Voices works with women who advance economic opportunity, increase political and public engagement, end gender-based violence and promote human rights through signature fellowships, individualized investments and meaningful, lifelong partnerships. Vital Voices connects women solving problems in their communities and equips them with the tools they need to incite global, positive change and accelerate shared progress for all. Visit www.vitalvoices.org to learn more. About Julie Ann Wrigley Global Futures Laboratory at ASU The Julie Ann Wrigley Global Futures Laboratory at Arizona State University represents the urgent belief that we can and must make a meaningful contribution to ensuring a habitable planet and a future in which well-being is attainable. The Global Futures Laboratory is the world’s first laboratory dedicated to the health of the planet and its inhabitants. It is built upon the deep expertise of ASU and leveraging an extensive network of partners for an ongoing and wide-ranging exchange across all knowledge domains to address the complex social, economic and scientific challenges spawned by the current and future threats from environmental degradation. This platform positions a new world headquarters for an international array of scientists, scholars and innovators and lays the foundation to anticipate and respond to existing and emerging challenges and use innovation to purposefully shape and inform our future. For more information visit globalfutures.asu.edu. View source version on businesswire.com: https://www.businesswire.com/news/home/20211120005125/en/ Contact Mary Kay Inc. Corporate Communications marykay.com/newsroom (+1) 972.687.5332 or [email protected] Source : Women’s Entrepreneurship Accelerator --BERNAMA Xencor receives rights to additional equity in Zenas as upfront payment and is eligible for up to $480 million in potential milestone payments and royalties on net sales of commercialized products
Obexelimab is a novel bifunctional antibody with first-in-class potential to treat autoimmune diseases MONROVIA, Calif., HONG KONG and BOSTON, Nov 22 (Bernama-GLOBE NEWSWIRE) -- Xencor, Inc. (NASDAQ: XNCR), a clinical-stage biopharmaceutical company developing engineered monoclonal antibodies and cytokines for the treatment of cancer and autoimmune diseases, and Zenas BioPharma (“Zenas”), a global biopharmaceutical company based in the USA and China committed to the development and delivery of immune-based therapies, today announced that Zenas has acquired from Xencor exclusive worldwide rights to develop, manufacture and commercialize the investigational antibody obexelimab. Obexelimab is a potential first-in-class bifunctional antibody that targets CD19 with its variable domain and uses Xencor's XmAb® Immune Inhibitor Fc Domain to target FcγRIIb, a receptor that inhibits the function of B-cells, which are important components in the immune system. Xencor demonstrated through early-stage clinical studies that obexelimab effectively inhibits B-cell function without depleting the cells and generates an encouraging treatment effect in patients with multiple autoimmune diseases. “Zenas is advancing a broad pipeline of differentiated drug candidates that are intended to bring best-in-class innovation to patients with underserved medical needs,” said Hua Mu, Ph.D., MD, president and chief executive officer at Zenas. “Today, we are pleased to add obexelimab to our portfolio, and based on its clinical profile, we believe it is positioned as a first-in-class candidate with the potential to treat numerous autoimmune diseases.” “Obexelimab’s highly potent and broad blockade of B-cell activation—without depleting B cells—differentiates it from other B-cell targeting therapies, and it has demonstrated disease-modifying activity in settings where B-cell inhibition is a proven strategy,” said Bassil Dahiyat, Ph.D., president and chief executive officer at Xencor. “In Zenas BioPharma, we have found a partner committed to broadly and aggressively developing therapeutics like obexelimab for patients with autoimmune diseases, enabling Xencor’s continued focus on the growing opportunities provided by our XmAb bispecific antibody and cytokine pipeline.” Under the terms of the new agreement, Zenas will issue to Xencor a warrant giving Xencor the right to acquire additional Zenas equity, such that Xencor’s total equity in Zenas would be 15% of its fully diluted capitalization following the closing of Zenas’ next round of equity financing, subject to certain requirements. Xencor previously received equity in Zenas under a separate license agreement. Xencor is also eligible to receive up to $480 million based on the achievement of certain clinical development, regulatory and commercialization milestones and is eligible to receive tiered, mid-single digit to mid-teen percent royalties upon commercialization of obexelimab, dependent on geography. Zenas will have sole responsibility for advancing the research, development, regulatory and commercial activities of obexelimab worldwide. About Xencor, Inc. Xencor is a clinical-stage biopharmaceutical company developing engineered monoclonal antibodies and cytokines for the treatment of cancer and autoimmune diseases. Currently, 22 candidates engineered with Xencor's XmAb® technology are in clinical development internally and with partners. Xencor's XmAb antibody engineering technology enables small changes to the structure of proteins resulting in new mechanisms of therapeutic action. For more information, please visit www.xencor.com. About Zenas BioPharma Zenas BioPharma is a global biopharmaceutical company based in the USA and China committed to becoming a leader in the development and delivery of immune-based therapies for patients in the US, China and around the world. Zenas is rapidly advancing a deep pipeline of innovative therapeutics that continues to grow through our successful business development strategy. Our experienced leadership team and network of business partners drive operational excellence to deliver potentially transformative therapies to improve the lives of those facing autoimmune and rare diseases. For more information about Zenas BioPharma, please visit www.zenasbio.com and follow us on Twitter at @ZenasBioPharma and LinkedIn. Xencor Forward-Looking Statements Certain statements contained in this press release may constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements include statements that are not purely statements of historical fact, and can generally be identified by our use of words such as “potential,” “can,” “will,” “plan,” “may,” “could,” “would,” “expect,” “anticipate,” “seek,” “look forward,” “believe,” “committed,” “investigational,” and similar terms, or by express or implied discussions relating to the development of obexelimab as a potential treatment for patients with autoimmune diseases; the commercial potential of obexelimab; the safety, tolerability, efficacy and pharmacokinetics of obexelimab; the quotations from Xencor’s president and chief executive officer; and other statements that are not purely statements of historical fact. Such statements are made on the basis of the current beliefs, expectations, and assumptions of the management of Xencor and are subject to significant known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements and the timing of events to be materially different from those implied by such statements, and therefore these statements should not be read as guarantees of future performance or results. Such risks include, without limitation, the risks associated with the process of discovering, developing, manufacturing and commercializing drugs that are safe and effective for use as human therapeutics and other risks described in Xencor's public securities filings. For a discussion of these and other factors, please refer to Xencor's annual report on Form 10-K for the year ended December 31, 2020 as well as Xencor's subsequent filings with the Securities and Exchange Commission. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. This caution is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended to date. All forward-looking statements are qualified in their entirety by this cautionary statement and Xencor undertakes no obligation to revise or update this press release to reflect events or circumstances after the date hereof, except as required by law. Contacts Xencor Investor Contact: Charles Liles [email protected] Xencor Media Contact: Jason I. Spark Canale Communications 619-849-6005 [email protected] Zenas Investor Contact: [email protected] Zenas Media Contact: Lauren Bartlett [email protected] Source: Zenas BioPharma (USA) LLC --BERNAMA |
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